Regulatory Alerts2020-01-01
Circular No. (2020/29) Regarding the Inquiry System for Establishments and Companies Registered with the Ministry of National Economy
The Palestine Monetary Authority mandates all operating banks to fully activate and integrate the Ministry of National Economy's inquiry system and the KYC Data Base for bank accounts into their customer onboarding and account update processes. Banks are required to grant appropriate access permissions to all relevant personnel, including branch staff, operations teams, and internal supervisory functions such as compliance, risk management, and internal audit. This directive aims to strengthen continuous customer identification, enhance risk assessment capabilities, and mitigate money laundering and terrorist financing risks across the Palestinian banking sector.
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